Exhibit 99.1
| | |
 | | News Release |
| | First Midwest Bancorp, Inc. |
| | One Pierce Place, Suite 1500 |
| | Itasca, Illinois 60143 |
| | (630) 875-7450 |
| | | | | | |
| FOR IMMEDIATE RELEASE | | CONTACT: | | Greg Gorbatenko |
| | | | | | | Investor Relations |
| | | | | | | (630) 875-7533 |
| TRADED: | | NASDAQ Global Select Market | | | | www.firstmidwest.com |
| SYMBOL: | | FMBI | | | | |
FIRST MIDWEST BANCORP, INC. ANNOUNCES
2008 THIRD QUARTER RESULTS
Solid Operating Performance – Continued Aggressive
Credit Remediation – Increased Capital and Loan Loss Reserves
| | • | | Diluted earnings per share of $0.50; return on average assets of 1.16%; return on average equity of 13.09%. |
| | • | | Annualized total loan growth of 3% from June 30, 2008, 10% annualized in targeted categories. |
| | • | | Loan loss reserve increased to 1.34% of loans, covering nonperforming loans by 126%; provisioning exceeding net charge-offs by 40%. |
| | • | | Tier 1 capital level increased to 9.42%, up 13 basis points. |
ITASCA, IL, OCTOBER 22, 2008 – First Midwest Bancorp, Inc. (the “Company” or “First Midwest”)(NASDAQ NGS: FMBI), the holding company of First Midwest Bank, today reported results of operations and financial condition for third quarter 2008. Fully diluted earnings per share were $0.50 compared with $0.56 for second quarter 2008. Excluding offsetting noncore transactions, the comparison was $0.47 for third quarter 2008 versus $0.51 for second quarter 2008. The noncore items consisted of the write-off of approximately $1.7 million in book value of the sole remaining asset-backed collateralized debt obligation, offset by the recognition of tax benefits of approximately $2.5 million. Return on average assets was 1.16% for third quarter 2008 versus 1.33% for second quarter 2008 while the return on average equity was 13.09% versus 14.57% for the same periods.
In announcing these results, President and CEO, Michael L. Scudder said, “Performance for the quarter, while solid, reflected the impact of a fading economic environment, significantly weakened housing sector, and erratic financial markets. With such conditions expected to continue and while the impact of the government stimulus unfolds, we remain focused on meeting the needs of our
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clients, aggressively addressing our asset quality issues, and judiciously managing our strong capital. While these times present a number of challenges, they also represent an opportunity to leverage our financial strength and the focus and commitment of our employees to both serve our communities and enhance the value of our franchise.”
Operating Performance
Operating income before taxes totaled $25.0 million for third quarter 2008, as compared to $27.0 million for second quarter 2008, with the decline in earnings primarily due to higher provision for loan losses. Provisions for third quarter 2008 were $13.0 million as contrasted to $5.8 million in second quarter 2008. Securities losses for third quarter and second quarter 2008 were $1.7 million and $4.6 million, respectively. Excluding provision expense and realized securities losses, third quarter 2008 income before taxes was up 6% from second quarter 2008.
Total loans as of September 30, 2008 were $5.2 billion, up 3% annualized as compared to June 30, 2008 as the seasonal reduction in the agricultural portfolio offset targeted growth in commercial and industrial and commercial real estate lending. The Company feels it is well positioned to both pursue and take advantage of prudent, targeted lending opportunities. Total average deposits for third quarter 2008 were $5.8 billion, unchanged from the prior quarter.
Tax equivalent net interest margin was 3.63% for third quarter 2008 as compared to 3.58% for second quarter 2008, reflecting the Company’s strong core deposit base and its ability to effectively manage its cost of funds.
Fee-based revenues improved to $24.8 million, up 3% on a linked quarter basis, due to higher service charge revenue. Trust revenue for third quarter 2008 was $3.8 million, down from $3.9 million in second quarter 2008. Despite a deteriorating equity environment, trust sales remained solid in a difficult financial market, boding well for stronger performance as markets recover.
Operating efficiency remains a financial hallmark with the efficiency ratio for third quarter 2008 at 50.3%, improved from 51.7% for second quarter 2008.
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Credit Remediation
As expected, credit quality trends for the quarter were negatively impacted by continued housing market stress, particularly in the residential land and development segments of the loan portfolio. This segment, representing approximately 10% of the overall loan portfolio, was underwritten to loan-to-value guidelines for unimproved and developed land of 65% and 75%, respectively, thus providing protection as values decline. The Company is aggressively engaged with its builder/developer clients to determine the best solutions to maximize value for the entire segment. In future quarters, the migration of troubled loans from performing to nonperforming and, in some cases, to other real estate owned and finally to cash repayment will vary dependent upon the adopted solution. The Company has both realigned and increased its credit remediation staffing in response to deteriorating credit trends both in this segment and overall.
Nonperforming loans at September 30, 2008 were $55.6 million, representing 1.06% of total loans. Compared to second quarter 2008, nonperforming loan levels increased $30.1 million. This increase is primarily related to three residential development loans totaling $20 million and a single commercial credit of $5.5 million operating in the transportation industry.
During third quarter 2008, other real estate owned increased to $23.7 million as the Company enforced its rights to collateral underlying troubled loans with residential land and development properties comprising 75% of such real estate. All properties are recorded at estimated net realizable values and are being aggressively marketed.
Loans past due 90 days and still accruing totaled $37.3 million as of September 30, 2008, approximately the level as of June 30, 2008. Residential and development loans represent approximately 50% of this total and primarily consist of a loan made to a single borrower which is adequately collateralized and in the process of collection.
During third quarter 2008, net charge-offs totaled $9.3 million as compared to $4.5 million in second quarter 2008, with residential land and development loans accounting for substantially all of the linked quarter increase.
The Company increased its reserve for loan losses to $69.8 million as of September 30, 2008, up $3.7 million from June 30, 2008, representing 1.34% of total loans and covering nonperforming loans by 126%. Provision for losses for third quarter 2008 totaled $13.0 million and exceeded net charge-offs by 40%.
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Additional disclosures about credit quality appear in the financial statement section of this release.
Capital Management
All regulatory mandated ratios for characterization as “well capitalized” were achieved as of September 30, 2008 and December 31, 2007 as presented below:
| | | | | | | | | | | | | | | |
| | | Minimum
“Well-
Capitalized”
Level | | | 9/30/08 | | | Excess Over Required
Minimums at 9/30/08 | | 12/31/07 | |
| | | | | | | | | | | | (Amounts in millions) | | | |
Tier 1 Risk Based Capital | | 6.00 | % | | 9.42 | % | | 57 | % | | $ | 221 | | 9.15 | % |
Total Risk Based Capital | | 10.00 | % | | 12.04 | % | | 20 | % | | $ | 132 | | 11.73 | % |
Tier 1 Leverage Capital | | 5.00 | % | | 7.59 | % | | 52 | % | | $ | 208 | | 7.46 | % |
The Company is focused on the prudent management of capital to permit continuing investment in our business and the support of future opportunities while navigating the difficult current environment. During November, the Company will undertake a comprehensive review of existent capital plans (dividends, share repurchases, required reserves, and appropriate capital levels) in the context of the current and projected environment. As a part of this review, the Company will assess opportunities presented by the recently announced governmental equity investment and related programs.
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About the Company
First Midwest is the premier relationship-based banking franchise in the growing Chicagoland banking market. As one of the Chicago metropolitan area’s largest independent bank holding companies, First Midwest provides the full range of both business and retail banking and trust and investment management services through 98 offices located in 62 communities, primarily in metropolitan Chicago. First Midwest was recently recognized by the Alfred P. Sloan awards for Business Excellence in Workforce Flexibility in the greater Chicago Area.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results and the Company’s financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Company’s future results, see “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and other reports filed with the Securities and Exchange Commission. Forward-looking statements represent management’s best judgment as of the date hereof based on currently available information. Except as required by law, the Company undertakes no duty to update the contents of this press release after the date hereof.
Conference Call
A conference call to discuss the Company’s results, outlook and related matters will be held on Wednesday, October 22nd, at 10:00 a.m. (ET). Members of the public who would like to listen to the conference call should dial 1-800-659-2037 (U.S. domestic) or 1-617-614-2713 (international) and enter passcode number 225-78-148. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company’s web site, www.firstmidwest.com/aboutinvestor_overview.asp. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the Company’s web site or by dialing 1-888-286-8010 (U.S. domestic) or 1-617-801-6888 (international) passcode number 950-59-150, beginning approximately one hour after the event through 11:59 pm (ET) on October 29, 2008. Please direct any questions regarding obtaining access to the conference call to First Midwest Bancorp, Inc. Investor Relations, via e-mail, at investor.relations@firstmidwest.com.
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Accompanying Financial Statements and Tables
Accompanying this press release is the following unaudited financial information:
| • | | Operating Highlights, Balance Sheet Highlights, Stock Performance Data, and Capital Ratios (1 page) |
| • | | Condensed Consolidated Statements of Condition (1 page) |
| • | | Condensed Consolidated Statements of Income (1 page) |
| • | | Loan Portfolio Composition (1 page) |
Press Release and Additional Information Available on Website
This press release, the accompanying financial statements and tables, and certain additional unauditedSelected Financial Information(totaling 3 pages) are available through the “Investor Relations” section of First Midwest’s website atwww.firstmidwest.com.
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| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 22, 2008 |
Operating Highlights
| | | | | | | | | | | | |
| Unaudited | | Quarters Ended | |
(Dollar amounts in thousands except per share data) | | Sept. 30,
2008 | | | June 30,
2008 | | | Sept. 30,
2007 | |
Net income | | $ | 24,191 | | | $ | 26,997 | | | $ | 27,237 | |
Diluted earnings per share | | $ | 0.50 | | | $ | 0.56 | | | $ | 0.55 | |
Return on average equity | | | 13.09 | % | | | 14.57 | % | | | 14.57 | % |
Return on average assets | | | 1.16 | % | | | 1.33 | % | | | 1.35 | % |
Net interest margin | | | 3.63 | % | | | 3.58 | % | | | 3.63 | % |
Efficiency ratio | | | 50.30 | % | | | 51.67 | % | | | 51.87 | % |
Balance Sheet Highlights
| | | | | | | | | |
| Unaudited | | As Of |
(Dollar amounts in thousands except per share data) | | Sept. 30,
2008 | | June 30,
2008 | | Sept. 30,
2007 |
Total assets | | $ | 8,246,655 | | $ | 8,311,025 | | $ | 7,884,345 |
Total loans | | | 5,223,582 | | | 5,182,355 | | | 4,931,472 |
Total deposits | | | 5,658,284 | | | 5,785,163 | | | 5,834,175 |
Stockholders’ equity | | | 718,909 | | | 724,034 | | | 727,928 |
Book value per share | | $ | 14.81 | | $ | 14.90 | | $ | 14.94 |
Period end shares outstanding | | | 48,590 | | | 48,584 | | | 48,735 |
Stock Performance Data
| | | | | | | | | | | | |
| Unaudited | | Quarters Ended | |
(Dollar amounts in thousands except per share data) | | Sept. 30,
2008 | | | June 30,
2008 | | | Sept. 30,
2007 | |
Market Price: | | | | | | | | | | | | |
Quarter End | | $ | 24.24 | | | $ | 18.65 | | | $ | 34.16 | |
High | | $ | 40.09 | | | $ | 29.36 | | | $ | 36.62 | |
Low | | $ | 13.56 | | | $ | 18.65 | | | $ | 31.87 | |
Quarter end price to book value | | | 1.6 | x | | | 1.3 | x | | | 2.3 | x |
Quarter end price to consensus estimated 2008 earnings | | | 11.9 | x | | | N/A | | | | N/A | |
Dividends declared per share | | $ | 0.310 | | | $ | 0.310 | | | $ | 0.295 | |
Common dividends paid | | $ | 15,088 | | | $ | 15,084 | | | $ | 14,400 | |
Capital Ratios
| | | | | | | | | |
| Unaudited | | As Of | |
| | | Sept. 30,
2008 | | | June 30,
2008 | | | Sept. 30,
2007 | |
Regulatory capital ratios: | | | | | | | | | |
Total capital to risk-weighted assets | | 12.04 | % | | 11.87 | % | | 12.17 | % |
Tier 1 capital to risk-weighted assets | | 9.42 | % | | 9.29 | % | | 9.59 | % |
Tier 1 leverage to average assets | | 7.59 | % | | 7.56 | % | | 7.75 | % |
Tangible equity ratios: | | | | | | | | | |
Tangible equity to tangible assets | | 5.45 | % | | 5.45 | % | | 5.77 | % |
Tangible equity, excluding other comprehensive loss, to tangible assets | | 6.09 | % | | 5.90 | % | | 6.25 | % |
Tangible equity to risk-weighted assets | | 6.70 | % | | 6.79 | % | | 7.01 | % |
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| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 22, 2008 |
Condensed Consolidated Statements of Condition
| | | | | | | | |
| Unaudited | | September 30, | |
(Amounts in thousands) | | 2008 | | | 2007 | |
Assets | | | | | | | | |
Cash and due from banks | | $ | 126,073 | | | $ | 182,495 | |
Funds sold and other short-term investments | | | 564 | | | | 4,842 | |
Trading account securities | | | 15,252 | | | | 17,431 | |
Securities available-for-sale | | | 2,024,881 | | | | 1,869,590 | |
Securities held to maturity, at amortized cost | | | 85,982 | | | | 92,913 | |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | | | 54,767 | | | | 54,767 | |
Loans | | | 5,223,582 | | | | 4,931,472 | |
Reserve for loan losses | | | (69,811 | ) | | | (61,412 | ) |
| | | | | | | | |
Net loans | | | 5,153,771 | | | | 4,870,060 | |
| | | | | | | | |
Premises, furniture, and equipment | | | 120,592 | | | | 126,322 | |
Investment in corporate owned life insurance | | | 207,390 | | | | 201,418 | |
Goodwill and other intangible assets | | | 285,643 | | | | 289,341 | |
Accrued interest receivable and other assets | | | 171,740 | | | | 175,166 | |
| | | | | | | | |
Total assets | | $ | 8,246,655 | | | $ | 7,884,345 | |
| | | | | | | | |
Liabilities and Stockholders’ Equity | | | | | | | | |
Deposits | | $ | 5,658,284 | | | $ | 5,834,175 | |
Borrowed funds | | | 1,554,703 | | | | 998,502 | |
Subordinated debt | | | 232,442 | | | | 227,948 | |
Accrued interest payable and other liabilities | | | 82,317 | | | | 95,792 | |
| | | | | | | | |
Total liabilities | | | 7,527,746 | | | | 7,156,417 | |
| | | | | | | | |
Common stock | | | 613 | | | | 613 | |
Additional paid-in capital | | | 207,503 | | | | 206,951 | |
Retained earnings | | | 875,947 | | | | 865,435 | |
Accumulated other comprehensive (loss) | | | (51,807 | ) | | | (36,385 | ) |
Treasury stock, at cost | | | (313,347 | ) | | | (308,686 | ) |
| | | | | | | | |
Total stockholders’ equity | | | 718,909 | | | | 727,928 | |
| | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 8,246,655 | | | $ | 7,884,345 | |
| | | | | | | | |
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| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 22, 2008 |
Condensed Consolidated Statements of Income
| | | | | | | | | | | | |
| Unaudited | | Quarters Ended | |
(Amounts in thousands except per share data) | | Sept. 30,
2008 | | | June 30,
2008 | | | Sept. 30,
2007 | |
Interest Income | | | | | | | | | | | | |
Loans | | $ | 74,929 | | | $ | 74,819 | | | $ | 93,020 | |
Securities | | | 26,520 | | | | 26,391 | | | | 26,885 | |
Other | | | 37 | | | | 103 | | | | 185 | |
| | | | | | | | | | | | |
Total interest income | | | 101,486 | | | | 101,313 | | | | 120,090 | |
| | | | | | | | | | | | |
Interest Expense | | | | | | | | | | | | |
Deposits | | | 25,574 | | | | 28,036 | | | | 41,949 | |
Borrowed funds | | | 9,451 | | | | 9,249 | | | | 13,680 | |
Subordinated debt | | | 3,703 | | | | 3,702 | | | | 3,764 | |
| | | | | | | | | | | | |
Total interest expense | | | 38,728 | | | | 40,987 | | | | 59,393 | |
| | | | | | | | | | | | |
Net interest income | | | 62,758 | | | | 60,326 | | | | 60,697 | |
Provision for loan losses | | | 13,029 | | | | 5,780 | | | | 470 | |
| | | | | | | | | | | | |
Net interest income after provision for loan losses | | | 49,729 | | | | 54,546 | | | | 60,227 | |
| | | | | | | | | | | | |
Noninterest Income | | | | | | | | | | | | |
Service charges on deposit accounts | | | 11,974 | | | | 11,385 | | | | 11,959 | |
Trust and investment management fees | | | 3,818 | | | | 3,945 | | | | 3,934 | |
Other service charges, commissions, and fees | | | 4,834 | | | | 4,456 | | | | 5,601 | |
Card-based fees | | | 4,141 | | | | 4,236 | | | | 4,054 | |
| | | | | | | | | | | | |
Subtotal, fee-based revenues | | | 24,767 | | | | 24,022 | | | | 25,548 | |
| | | | | | | | | | | | |
Corporate owned life insurance income | | | 1,882 | | | | 2,145 | | | | 2,023 | |
Security (losses) gains, net | | | (1,746 | ) | | | (4,618 | ) | | | (5,165 | ) |
Other | | | (1,209 | ) | | | 874 | | | | 989 | |
| | | | | | | | | | | | |
Total noninterest income | | | 23,694 | | | | 22,423 | | | | 23,395 | |
| | | | | | | | | | | | |
Noninterest Expense | | | | | | | | | | | | |
Salaries and employee benefits | | | 26,996 | | | | 26,368 | | | | 27,354 | |
Net occupancy expense | | | 5,732 | | | | 5,528 | | | | 5,686 | |
Equipment expense | | | 2,484 | | | | 2,451 | | | | 2,580 | |
Technology and related costs | | | 1,990 | | | | 1,820 | | | | 1,767 | |
Other | | | 11,234 | | | | 13,778 | | | | 12,594 | |
| | | | | | | | | | | | |
Total noninterest expense | | | 48,436 | | | | 49,945 | | | | 49,981 | |
| | | | | | | | | | | | |
Income before taxes | | | 24,987 | | | | 27,024 | | | | 33,641 | |
Income tax expense | | | 796 | | | | 27 | | | | 6,404 | |
| | | | | | | | | | | | |
Net Income | | $ | 24,191 | | | $ | 26,997 | | | $ | 27,237 | |
| | | | | | | | | | | | |
Diluted Earnings Per Share | | $ | 0.50 | | | $ | 0.56 | | | $ | 0.55 | |
| | | | | | | | | | | | |
Dividends Declared Per Share | | $ | 0.310 | | | $ | 0.310 | | | $ | 0.295 | |
| | | | | | | | | | | | |
Weighted Average Diluted Shares Outstanding | | | 48,556 | | | | 48,576 | | | | 49,447 | |
| | | | | | | | | | | | |
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| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 22, 2008 |
| | | | | | | | | | | | | | | | | | |
| Unaudited | | As Of | | 9/30/08 % Change From | |
(Dollar amounts in thousands) | | 9/30/08 | | % of total | | | 6/30/08 | | 3/31/08 | | 6/30/08 | | | 3/31/08 | |
Loan Portfolio Composition | | | | | | | | | | | | | | | | | | |
Commercial, industrial, and agricultural | | $ | 1,644,758 | | 31.5 | % | | $ | 1,656,161 | | $ | 1,597,279 | | (2.8 | )% | | 5.9 | % |
Commercial real estate: | | | | | | | | | | | | | | | | | | |
Office, retail, and industrial | | | 1,092,268 | | 20.9 | % | | | 1,048,547 | | | 1,020,403 | | 16.7 | % | | 14.1 | % |
Residential land and development | | | 509,974 | | 9.8 | % | | | 510,818 | | | 515,052 | | (0.7 | )% | | (2.0 | )% |
Multifamily | | | 204,029 | | 3.9 | % | | | 195,815 | | | 188,474 | | 16.8 | % | | 16.5 | % |
Other commercial real estate | | | 1,021,662 | | 19.5 | % | | | 1,014,759 | | | 952,622 | | 2.7 | % | | 14.5 | % |
| | | | | | | | | | | | | | | | | | |
Total commercial real estate(1) | | | 2,827,933 | | 54.1 | % | | | 2,769,939 | | | 2,676,551 | | 8.4 | % | | 11.3 | % |
| | | | | | | | | | | | | | | | | | |
Consumer: | | | | | | | | | | | | | | | | | | |
Home equity | | | 468,703 | | 9.0 | % | | | 460,581 | | | 459,068 | | 7.1 | % | | 4.2 | % |
Real estate 1-4 family | | | 205,851 | | 3.9 | % | | | 213,295 | | | 224,895 | | (14.0 | )% | | (16.9 | )% |
Other consumer | | | 76,337 | | 1.5 | % | | | 82,379 | | | 87,972 | | (29.3 | )% | | (26.5 | )% |
| | | | | | | | | | | | | | | | | | |
Total consumer | | | 750,891 | | 14.4 | % | | | 756,255 | | | 771,935 | | (2.8 | )% | | (5.5 | )% |
| | | | | | | | | | | | | | | | | | |
Total loans(2) | | $ | 5,223,582 | | 100.0 | % | | $ | 5,182,355 | | $ | 5,045,765 | | 3.2 | % | | 7.0 | % |
| | | | | | | | | | | | | | | | | | |
Commercial Real Estate Detail Office, Retail, and Industrial | | | | | | | | | | | | | | | | | | |
Loans by product type: | | | | | | | | | | | | | | | | | | |
Office | | $ | 352,200 | | 32.3 | % | | $ | 337,424 | | $ | 326,107 | | 17.5 | % | | 16.0 | % |
Retail | | | 300,570 | | 27.5 | % | | | 281,942 | | | 279,146 | | 26.4 | % | | 15.0 | % |
Industrial | | | 439,498 | | 40.2 | % | | | 429,181 | | | 414,684 | | 9.6 | % | | 12.0 | % |
| | | | | | | | | | | | | | | | | | |
Total office, retail, and industrial | | $ | 1,092,268 | | 100.0 | % | | $ | 1,048,547 | | $ | 1,020,403 | | 16.7 | % | | 14.1 | % |
| | | | | | | | | | | | | | | | | | |
Residential Land and Development | | | | | | | | | | | | | | | | | | |
Loans by product type: | | | | | | | | | | | | | | | | | | |
Structures | | $ | 190,741 | | 37.4 | % | | $ | 217,161 | | $ | 209,146 | | (48.7 | )% | | (17.6 | )% |
Land | | | 319,233 | | 62.6 | % | | | 293,657 | | | 305,906 | | 34.8 | % | | 8.7 | % |
| | | | | | | | | | | | | | | | | | |
Total residential land and development | | $ | 509,974 | | 100.0 | % | | $ | 510,818 | | $ | 515,052 | | (0.7 | )% | | (2.0 | )% |
| | | | | | | | | | | | | | | | | | |
Other Commercial Real Estate | | | | | | | | | | | | | | | | | | |
Loans by product type: | | | | | | | | | | | | | | | | | | |
Commercial land | | $ | 263,030 | | 25.7 | % | | $ | 285,411 | | $ | 260,502 | | (31.4 | )% | | 1.9 | % |
1-5 family investors | | | 178,540 | | 17.5 | % | | | 168,259 | | | 169,768 | | 24.4 | % | | 10.3 | % |
Service stations and truck stops | | | 134,677 | | 13.2 | % | | | 120,670 | | | 117,592 | | 46.4 | % | | 29.1 | % |
Warehouses and storage | | | 80,889 | | 7.9 | % | | | 79,580 | | | 71,921 | | 6.6 | % | | 24.9 | % |
Hotels | | | 67,217 | | 6.6 | % | | | 67,574 | | | 59,199 | | (2.1 | )% | | 27.1 | % |
Restaurants | | | 44,872 | | 4.4 | % | | | 47,313 | | | 48,147 | | (20.6 | )% | | (13.6 | )% |
Medical | | | 42,253 | | 4.1 | % | | | 43,347 | | | 42,912 | | (10.1 | )% | | (3.1 | )% |
Automobile dealers | | | 38,866 | | 3.8 | % | | | 37,562 | | | 30,934 | | 13.9 | % | | 51.3 | % |
Mobile home parks | | | 29,670 | | 2.9 | % | | | 25,217 | | | 23,481 | | 70.6 | % | | 52.7 | % |
Recreational | | | 14,760 | | 1.5 | % | | | 15,106 | | | 16,348 | | (9.2 | )% | | (19.4 | )% |
Religious | | | 10,317 | | 1.0 | % | | | 11,362 | | | 11,291 | | (36.8 | )% | | (17.3 | )% |
Other | | | 116,571 | | 11.4 | % | | | 113,358 | | | 100,527 | | 11.3 | % | | 31.9 | % |
| | | | | | | | | | | | | | | | | | |
Total other commercial real estate | | $ | 1,021,622 | | 100.0 | % | | $ | 1,014,759 | | $ | 952,622 | | 2.7 | % | | 14.5 | % |
| | | | | | | | | | | | | | | | | | |
(1) | 24% of total commercial real estate loans are owner occupied as of September 30, 2008. |
(2) | Substantially all loans that are over $1 million are to customers within our market as of September 30, 2008. |
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| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 22, 2008 |
| | | | | | | | | | | | | | | | | | |
| Unaudited | | As Of | |
(Dollar amounts in thousands) | | 9/30/08 | | | % of
Category | | | % of Total | | | 6/30/08 | | | 3/31/08 | |
Asset Quality | | | | | | | | | | | | | | | | | | |
Nonaccrual loans: | | | | | | | | | | | | | | | | | | |
Commercial, industrial, and agricultural | | $ | 13,961 | | | 0.85 | % | | 12.0 | % | | $ | 5,222 | | | $ | 6,770 | |
Office, retail, and industrial | | | 1,195 | | | 0.11 | % | | 1.0 | % | | | 1,125 | | | | 730 | |
Residential land and development | | | 28,335 | | | 5.56 | % | | 24.3 | % | | | 11,664 | | | | 4,081 | |
Multifamily | | | 2,827 | | | 1.39 | % | | 2.4 | % | | | 3,016 | | | | 1,361 | |
Other commercial real estate | | | 1,845 | | | 0.18 | % | | 1.6 | % | | | 885 | | | | 255 | |
Consumer | | | 5,154 | | | 0.69 | % | | 4.4 | % | | | 3,324 | | | | 3,876 | |
| | | | | | | | | | | | | | | | | | |
Total nonaccrual loans | | | 53,317 | | | | | | 45.7 | % | | | 25,236 | | | | 17,073 | |
Restructured loans | | | 2,258 | | | | | | 2.0 | % | | | 259 | | | | 140 | |
| | | | | | | | | | | | | | | | | | |
Total nonperforming loans | | | 55,575 | | | | | | 47.7 | % | | | 25,495 | | | | 17,213 | |
Other real estate owned | | | 23,697 | | | | | | 20.3 | % | | | 7,042 | | | | 8,607 | |
| | | | | | | | | | | | | | | | | | |
Total nonperforming assets | | $ | 79,272 | | | | | | 68.0 | % | | $ | 32,537 | | | $ | 25,820 | |
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90 days past due loans (still accruing interest): | | | | | | | | | | | | | | | | | | |
Commercial, industrial, and agricultural | | $ | 5,757 | | | 0.35 | % | | 5.0 | % | | $ | 4,530 | | | $ | 3,926 | |
Office, retail, and industrial | | | 4,838 | | | 0.44 | % | | 4.1 | % | | | 2,855 | | | | 2,182 | |
Residential land and development | | | 17,615 | | | 3.45 | % | | 15.1 | % | | | 16,696 | | | | 17,438 | |
Multifamily | | | 1,216 | | | 0.60 | % | | 1.1 | % | | | 2,071 | | | | 2,332 | |
Other commercial real estate | | | 2,469 | | | 0.24 | % | | 2.1 | % | | | 3,410 | | | | 2,451 | |
Consumer | | | 5,421 | | | 0.72 | % | | 4.6 | % | | | 7,948 | | | | 5,150 | |
| | | | | | | | | | | | | | | | | | |
Total 90 days past due loans | | | 37,316 | | | | | | 32.0 | % | | | 37,510 | | | | 33,479 | |
| | | | | | | | | | | | | | | | | | |
Total nonperforming assets plus 90 days past due loans | | $ | 116,588 | | | | | | 100.0 | % | | $ | 70,047 | | | $ | 59,299 | |
| | | | | | | | | | | | | | | | | | |
30-89 days past due loans | | $ | 104,769 | | | | | | | | | $ | 185,186 | | | $ | 116,431 | |
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Asset Quality Ratios | | | | | | | | | | | | | | | | | | |
Nonperforming loans to loans | | | 1.06 | % | | | | | | | | | 0.49 | % | | | 0.34 | % |
Nonperforming assets to loans plus foreclosed real estate | | | 1.51 | % | | | | | | | | | 0.63 | % | | | 0.51 | % |
Nonperforming assets plus loans past due 90 days to loans plus foreclosed real estate | | | 2.22 | % | | | | | | | | | 1.35 | % | | | 1.17 | % |
Reserve for loan losses | | $ | 69,811 | | | | | | | | | $ | 66,104 | | | $ | 64,780 | |
Reserve for loan losses to loans | | | 1.34 | % | | | | | | | | | 1.28 | % | | | 1.28 | % |
Reserve for loan losses to nonperforming loans | | | 126 | % | | | | | | | | | 259 | % | | | 376 | % |
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| |
| | | Quarters Ended | |
(Dollar amounts in thousands) | | 9/30/08 | | | % of
Category | | | % of Total | | | 6/30/08 | | | 3/31/08 | |
Charge-off Data | | | | | | | | | | | | | | | | | | |
Net loans charged-off: | | | | | | | | | | | | | | | | | | |
Commercial, industrial, and agricultural | | $ | 1,895 | | | 0.12 | % | | 20.3 | % | | $ | 2,380 | | | $ | 3,188 | |
Office, retail, and industrial | | | 2 | | | 0.00 | % | | 0.00 | % | | | 31 | | | | — | |
Residential land and development | | | 5,856 | | | 1.15 | % | | 62.8 | % | | | 138 | | | | 559 | |
Multifamily | | | (40 | ) | | (0.02 | )% | | (0.04 | )% | | | 830 | | | | 842 | |
Other commercial real estate | | | 62 | | | 0.01 | % | | 0.7 | % | | | 116 | | | | 673 | |
Consumer | | | 1,547 | | | 0.21 | % | | 16.6 | % | | | 961 | | | | 818 | |
| | | | | | | | | | | | | | | | | | |
Total net loans charged-off | | $ | 9,322 | | | | | | 100.0 | % | | $ | 4,456 | | | $ | 6,080 | |
| | | | | | | | | | | | | | | | | | |
Quarter-to-date net loan charge-offs to average loans (annualized) | | | 0.71 | % | | | | | | | | | 0.35 | % | | | 0.49 | % |
Year-to-date net loan charge-offs to average loans (annualized) | | | 0.52 | % | | | | | | | | | 0.42 | % | | | 0.49 | % |
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